The Real Deal Miami

Sephora building on Collins Avenue
hits the market

Owner, controlled by Comras Co., wants more than $1,600 psf for the building
November 29, 2017 12:00PM

The building at 721 Collins Avenue

Sephora’s Miami Beach location is on the market for nearly $9 million.

The 5,400-square-foot building at 721 Collins Avenue was just listed for sale, according to Marcus & Millichap. It’s asking $8.875 million, or about $1,645 per square foot.

Property records show CLB Associates Ltd., controlled by Michael Comras of the Comras Company, owns the property. Comras could not be reached for comment.

Sephora has a triple-net lease for the building, which could be redeveloped under its current MXE zoning. Marcus & Millichap’s Drew Kristol and Kirk Olson are listing the building.

It last sold for $1.3 million in 1998, according to property records.

Sephora has leased the property since 1999, when the building was completed. It’s the only Miami Beach location for the French cosmetics company.

At least two retail buildings on Collins Avenue have sold above $5 million this year. In January, the building at 919 Collins Avenue traded for $7.1 million, or less than $1,000 a foot. Earlier that month, Charming Charlie’s building nearby at 735 Collins Avenue sold for $12.5 million, or $964 per square foot.

But the market may have peaked in 2016, when the Club Monaco building at 624 Collins Avenue sold for more than $2,800 per square foot, or $24 million. – Katherine Kallergis